The Bermuda Monetary Authority confirmed the registration of nine insurers and one broker in March, taking the yearly combined total to 20.

The BMA approved five Restricted SPI insurers – Charles River Re Ltd; Sabine Re Ltd; Trouvaille Re Ltd; Aragonite Re Ltd; and Armor Re II Ltd.

Also registered were Edgware Re Ltd in Class 3; I-RE Insurance Co Ltd in Class 2; Pando Re Ltd in the Collateralised Insurer category; AeCe ISA Ltd in Class E; and Colonnade (Re)insurance Solutions Ltd in the Broker category.

Eight insurance applications were reviewed in March by the Insurance Assessment and Licensing Committee, comprising of seven new applications and one carried forward application.

Six were approved by the IALC, one was deferred and one was declined.

The BMA noted that the registration/licensing of approved insurance entities is issued after the IALC application process and may be confirmed in future periods.